Shanghai-bonded copper stocks hit an eight-month low at the end of July due to a fall in refined copper imports so far this year, while nickel and aluminium inventory rose due to arbitrage losses that are discouraging traders from delivering materials out of the bonded zone.
Copper stocks hit their lowest level since mid-November Zinc stocks declined amid long-contract clearance, transshipment demand Nickel stocks up due to closed import window, Shanghai premium down Aluminium stocks up, impact still downplayed by industry Shanghai copper bonded stocks fall 10% m-o-m Shanghai copper bonded stocks hit an eight-month low in end of July due to much less refined copper import business in the year so far. Fastmarkets assessed Shanghai-bonded copper stocks at 391,000-395,000 tonnes on July 29, down by 45,000 tonnes or 10.3% from 435,000-441,000 tonnes on July 1. Bonded stocks have fallen for four straight months since the start of May and are now at the lowest since the middle of November last year when stocks were at 383,000-390,000 tonnes. The latest stock level is down by 90,000 tonnes or 18.6% on an annual comparison from 475,000-491,000 tonnes on Monday July 30, 2018. Market participants attributed...